Goldman sees $4.50 corn coming

Corn prices could continue to drop with the
temperature, says Goldman Sachs as it cuts its 3-to-12-month price
forecast by 50c to $4.25/bushel and raises its average US yield outlook
to 161 bushels/acre from 156. That as the investment bank notes while
the risk of a frost damaging soybeans is "non-trivial," weather risk is
already priced into soybeans. As such, Goldman sees greater downside
price risk in beans than corn as it cuts its soybean-price forecast 50c
to $10.50. CBOT December corn is down 1 3/4c at $4.58 3/4 and November
soybeans drop 16 1/4c to $11.67. (ian.berry@dowjones.com; @ianberry)